keep in mind that according to the veltex web site the outstanding shares were 160mio in June already and have not increased much since. So most of the additional shares were seemingly issued in the first half of 2003. This was in the time frame when all the trucking stuff went on and did not go as smooth as Matin expected. It seems very reasonable to me to not touch a good cash reserve to tackle short term problems like that and rather keep it around to ensure continuing operation. In this business (just look at the increase in the amount of receivables) it is critical to be able to bridge financial woes easily by having a sizable cash reserve.
As to the possibility of a R/S considering that the O/S has not increased notably in the last half year and there's still 40mio shares authorized that could be sold first I find it rather unlikely!
And as for the shares traded these days I do not think Matin has anything to do with those. The volume is very low and a few small time traders (not even mentioning MM manipulation) moves the pps around a lot. Many have bought a few hundred thousand shares as low as 0.002/share and will just settle for an easy five-bagger rather than hold on for a longer time and unknown return. Those traders are out for a quick buck and not long term. They'll come back and buy again if the price drops and the likelyhood of good news presents itself again.
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